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CAP COM Federal Credit Union chooses a new payments partner

After nineteen years with the same payment processing vendor, it was time for a change. Looking to grow debit card sales by ten percent and credit card sales by six percent amidst multiple disruptors in the payments industry, CAP COM Federal Credit Union knew they needed to do something different.

“It was time for a reset. We needed to explore opportunities that would refresh our product line,” said Diana VanAmerongen, CAP COM Federal Credit Union’s Chief Banking Officer.

Founded in 1953, CAP COM is a member-owned financial institution with locations throughout the New York Capital Region. One of the highest rated credit unions in the country, CAP COM serves more than 126,000 members and is known for their unbridled commitment to its members and community.

“Our greatest concern was finding a partner that depicts our brand and could help this program grow with our membership, which is growing at eight percent annually,” said VanAmerongen. “We knew that whoever we partnered with would be an extension of us.”

With a multi-year plan to grow wealth management services and home mortgages, as well as membership and product penetration within the membership, CAP COM undertook a highly structured evaluation process for a new payment processing vendor.

“Whether it’s digital currency or digital wallets, we are witnessing a lot of disruption beginning in payment processing,” said Edward Glenning, CAP COM Chief Technology Officer. “We wanted to partner with someone with the size, scale and resiliency to weather that disruption and come out on top; to innovate along the way and help us deliver solutions in a timely fashion.”

Glenning noted that CAP COM wants to be able to offer members the ability to manage their payment cards and benefit from a robust rewards program. It is important to offer members a card they would use because of the benefits it provides.

CAP COM’s search for a vendor, which included meeting 150 business requirements and references from nearly 30 businesses, led them to Vantiv. With a robust suite of financial institution offerings including card marketing, cardholder rewards, and card controls, Vantiv allows CAP COM to add powerful differentiators to their product line. The fact that Vantiv processes 16.9 billion transactions annually – nearly 75 percent of all everyday spend on credit and debit cards – was also appealing.

“Vantiv has the size and scale we are looking for, and is in a unique position to see both sides of the fence,” said Robert Roemer, CAP COM’s Vice President of Project Management, referring to Vantiv’s ability to view both sides of the transaction as well as the type of transaction. In addition to use this data to determine how payments are evolving.

Vantiv’s rewards program was also a big selling point, offering CAP COM members the convenience of managing their own card easily and efficiently. Glenning noted that Vantiv’s rewards program is a superior product at a lower price point, allowing the credit union to decrease costs while increasing efficiency and offering a better member experience.

“From a product and services perspective, Vantiv brings differentiators to the table that will help us increase local market share,” said Glenning. “Vantiv’s product and services roadmap is aligned with CAP COM’s business objectives.”

In addition to a strategic roadmap, Vantiv’s size and scope, cost effective solutions, and ability to align with CAP COM’s member-focused commitment makes for a promising partnership.

“Our members are the center of every decision we make. We are here to benefit them,” said Glenning. “We sought out a partner that allowed us to facilitate a great rewards program for our members, provide great service when a card is lost or stolen, help us be more efficient in our operations, and deliver better services. It’s a complete win from our perspective.”